Anthropic’s shares are expected to start trading on Nasdaq under the ticker ANT on 19 November, after the price is set on 18 November, its IPO website says. Its amended IPO filing puts the range at $70.00 to $78.00 a share for 825,000,000 Class A shares.
Individual investors can ask for shares at the IPO price through six US platforms the filing names, including Fidelity, Robinhood and SoFi. Fidelity’s page sets a 25-share minimum request, $1,750 to $1,950 across the range by our arithmetic, and says its offer period closes at 4:00 PM ET on Tuesday, 17 November.
This is a guide to the mechanics, built from Anthropic’s filings and the brokers’ own pages. It is not investment advice, and we make no recommendation on whether to buy.
Anthropic’s Amendment No. 2 to its S-1, filed on 10 November, says the company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.” It is selling 801,351,354 shares, and selling stockholders are selling 23,648,646, for 825,000,000 in all.
At $70, $74 and $78 that is $57.75 billion, $61.05 billion and $64.35 billion of stock, by our arithmetic. The underwriters also have an option to buy up to an additional 123,750,000 shares from Anthropic, 15% of the base deal, by our arithmetic.
The filing names Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as the representatives of the underwriters. Separately, seven companies including Google, NVIDIA and Microsoft have agreed to buy $26.0 billion of Class N common stock in a private placement at the IPO price; those shares are not part of the public offering.
Anthropic’s roadshow release of 10 November repeats the share count, the range and the ANT symbol. Our Anthropic IPO map tracks every filing and report since the first S-1.
Anthropic’s implied value at the bottom, midpoint and top of its $70 to $78 range, on the 13,086,672,593 shares of all classes the S-1/A says will be outstanding after the offering; tags show the cost of Fidelity’s 25-share minimum request. Values and costs are our arithmetic.
Business Pill · IPO float
An evergreen Business Engineer explainer on IPO float: the share of a company that trades after a listing. It teaches the general idea only and does not discuss Anthropic’s listing.
The key insight: As we read the filing, there are two ways in: a request at the IPO price through one of six named platforms, each with its own eligibility rules and no guarantee of shares, or a market order on Nasdaq once ANT trades on 19 November, the date Anthropic’s IPO website expects. At Fidelity’s 25-share minimum the first route costs $1,750 to $1,950, by our arithmetic.
How to Request Shares at the IPO Price
The filing says a portion of the shares will, at Anthropic’s request, be offered to retail investors through Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*TRADE from Morgan Stanley. “These platforms will act as selling group members for this offering”, it says.
It adds: “Any purchase of our Class A common stock in this offering through these platforms will be at the initial public offering price”. Purchases are subject to each platform’s own terms, conditions and requirements.
The IPO website Anthropic filed with the SEC describes the process in its FAQ: “You can request shares through a participating brokerage platform”. You need an active account and must submit an indication of interest, which is a request, not a purchase.
The same FAQ warns: “There is no guarantee that any investor will receive all or any of the shares they apply for in the Anthropic IPO”. In aggregate the filing expects retail allocations, in the US and other countries, of “up to 20% of the shares of Class A common stock offered pursuant to this prospectus”; our retail allocation piece sizes that ceiling.
What Fidelity, Robinhood and SoFi Say
Fidelity’s Anthropic page, dated 10 November, says the offer period closes at 4:00 PM ET on Tuesday, 17 November, and that the offering is expected to be priced the evening of Wednesday, 18 November. “Fidelity customers with at least $25,000 in certain assets at Fidelity may be eligible to participate”, it says.
Requests at Fidelity run from a 25-share minimum, in 25-share increments, to a maximum of 1,000,000 shares. Customers must confirm the request on the night of pricing, usually after 7:00 p.m. ET, and Fidelity says allocation is usually complete before 9:30 a.m. ET the next morning.
Payment is due by settlement, usually one business day after the trade. Fidelity applies a 15-calendar-day tracking period: selling within it counts as flipping, and repeat flipping restricts access to its future IPOs for 6 months, then 1 year, then permanently.
Robinhood’s general IPO Access page, which does not name Anthropic, says retirement, joint, custodial and managed accounts are not eligible and that requests need 100% buying power. It says “Selling within 30 days of the IPO counts as flipping, and may block you from IPO Access for 60 days”.
SoFi’s IPO page carries the line “Anthropic IPO is now available at SoFi.” We did not read Anthropic-specific terms from Schwab, Trade-PMR or E*TRADE; Schwab’s IPO page sits behind a client log-in.
What You Pay at $70, $74 and $78
At Fidelity’s 25-share minimum, a filled request costs $1,750 at $70, $1,850 at the $74 midpoint and $1,950 at $78, by our arithmetic. One hundred shares cost $7,000 to $7,800.
The filing says 13,086,672,593 shares of all classes will be outstanding after the offering and the private placement. At $70, $74 and $78, that values Anthropic at $916.1 billion, $968.4 billion and $1,020.8 billion, by our arithmetic. Our price-to-sales piece compares those values with Nvidia and Palantir.
Buying After It Starts Trading
Anyone without an IPO allocation can buy ANT on Nasdaq once it trades, through any brokerage that offers Nasdaq stocks. The IPO website FAQ draws the line: “Shares bought after Anthropic starts trading will be purchased at the prevailing market price at that time”.
The filing says up to 316 million shares of Class A common stock may become eligible for sale beginning on the first trading day after the prospectus date. That is 38% of the 825,000,000 IPO shares, by our arithmetic.
Which Shares You Get
IPO buyers get Class A common stock. The filing says each Class A share is entitled to one vote, while Class N shares have no voting rights except as otherwise required by law; our non-voting stock explainer covers Class N.
A single Class F share, held by a company organised by the seven co-founders, will carry votes equal to 50.1% of the total voting power on matters put to stockholders generally, the filing says. The 825,000,000 IPO shares are 6.3% of all shares outstanding after the deal, by our arithmetic.
Insiders face lock-ups. Non-founder directors, officers, employees and holders of about 2.7 billion shares are restricted until the earlier of the second full trading day after the first-quarter 2027 results and the 180th day after the prospectus date.
The seven co-founders and holders of about 8.0 billion shares are restricted until the earlier of the second full trading day after results for the quarter ending 30 September 2027 and the 365th day. The Class N shares sold in the private placement are not subject to the underwriters’ lock-up but are restricted securities, the filing says.
Shares outstanding after the IPO and the concurrent private placement, from Anthropic’s S-1/A No. 2 counts (7,427,991,791 Class A including the 825,000,000 IPO shares; 5,658,680,800 Class N). Percentages are our arithmetic; the single Class T and Class F shares are omitted.
When Does Anthropic Start Trading?
The IPO website says: “Subject to regulatory clearance, the final IPO share price is expected to be set on November 18th (EST), and shares are expected to begin publicly trading on November 19th (EST)”. Our day-by-day guide lists each step.
What Is Anthropic’s Stock Ticker?
ANT, on the Nasdaq Global Select Market, for the Class A common stock, according to the S-1/A and the roadshow release.
Can Retail Investors Buy at the IPO Price?
Yes, through the six named platforms, subject to each one’s eligibility rules and allocation. The filing says those purchases will be at the IPO price; getting shares is not guaranteed.
How Many Shares Are Being Sold?
825,000,000 Class A shares, with an option for 123,750,000 more. Retail allocations are expected to be up to 20% of the offered shares, though final amounts depend on demand, the filing says.
What Is the Anthropic Lock-Up?
For most insiders, up to 180 days or until shortly after the first-quarter 2027 results; for the co-founders and some large holders, up to 365 days. Goldman Sachs and Morgan Stanley may release shares early, the filing says. Our explainer on how the Anthropic IPO works sets out the full release calendar.
The Structural Read
As we read the broker pages, the rules differ by platform: Fidelity ties eligibility to $25,000 of assets and tracks flipping for 15 days, while Robinhood’s general IPO Access page excludes retirement and joint accounts and counts sales within 30 days as flipping.
As we read the share table, IPO buyers get Class A stock with one vote a share, but the 825,000,000 IPO shares are 6.3% of the 13,086,672,593 shares outstanding after the deal, by our arithmetic, and a single Class F share carries 50.1% of the voting power, the filing says.
Anthropic, PBC, IPO website FAQ (filed with the SEC)
“Shares bought in the IPO will be purchased at the offering price, which is expected to be set on November 18th (EST).”
Three Implications
FOR IPO REQUESTS Fidelity’s page says its offer period closes at 4:00 PM ET on Tuesday, 17 November, and requests must be confirmed on pricing night.
FOR BUYING AFTER LISTING The IPO website says shares bought after trading starts are purchased at the prevailing market price; up to 316 million other shares may be sellable from day one, the filing says.
FOR INSIDERS’ SHARES Lock-ups run up to 180 days for most insiders and up to 365 days for the co-founders and some large holders, per the filing.
The framework states: “For that reason, the AI Supercycle is not a forecast. It is a structure.”
As we read it, this guide works the same way: it maps the structure of the offering, the share classes, the platforms and the dates, and makes no forecast of the price; the framework was published before the IPO and does not discuss this listing.
What Is Not Established
The final price is not set and can fall outside the filed range, and the dates are subject to regulatory clearance. How many shares each platform receives, and how each allocates them, is not established.
This piece describes how the offering works; it is not a forecast of where ANT will trade and not a recommendation. Anthropic and the brokers were not contacted for this piece.
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Anthropic’s 825,000,000 Class A shares are offered at $70.00 to $78.00, to list on Nasdaq as ANT, with pricing expected on 18 November and trading on 19 November. Retail requests go through six named platforms; Fidelity’s 25-share minimum costs $1,750 to $1,950, by our arithmetic.
A note on sourcing. We read Anthropic’s Amendment No. 2 to Form S-1 of 10 November 2026 and the IPO-website free writing prospectus it filed on SEC EDGAR, plus its roadshow release. Broker terms come from Fidelity’s Anthropic IPO page, Robinhood’s IPO Access support page and SoFi’s IPO page, each read on 15 November 2026 and attributed to that broker. Company values and order costs are our arithmetic. Nothing here is investment advice. Anthropic and the brokers were not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
